Yuga Labs Restructures, Cuts Staff To Refocus On Bored Ape Metaverse

Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collection, announced a significant restructuring plan to refocus the company’s efforts on its core projects. In a recent post on X (formerly Twitter), the company’s CEO, Greg Solano, expressed his determination to transform Yuga and “get the company back to its roots.”

The restructuring will involve making tough decisions, including parting ways with talented team members. Solano shared the rationale behind this move directly with the Yuga team, citing the need for a fundamental shift in the company’s approach.

According to Solano, Yuga had lost its way, and refocusing would require becoming a leaner, more agile, and crypto-native team. He emphasized the importance of streamlining operations by taking on fewer projects but executing them with exceptional quality. “We’ll be doing fewer things but doing them brilliantly,” Solano stated in the message.

Part of the restructuring process has already begun with the spinouts of HV-MTL and Legends of the Mara. These moves will allow Yuga to concentrate on developing its flagship 3D metaverse game, Otherside, based on the Bored Ape Yacht Club NFT collection.

Yuga Labs: Embracing Change With Commitment

Solano admitted that the coming time would not be easy for the survivors. They will have to be quick, manoeuvrable, and make tough choices. He was willing to give a severance package to anybody who left of his own accord to further confirm the company’s dedication to keeping the most loyal employees.

While Solano did not mention the severance package details and the number of affected employees, he pointed out that Yuga had about 120 employees after its last restructuring, which was back in October 2023.

The restructuring plan is a testimony to Yuga Labs’ commitment to realign its priorities on its strengths and establish itself as a chief player in the transforming metaverse and NFTs segment. The transition will be especially interesting for the industry following how these changes shape Yuga’s future projects and approaches.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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